Quick facts: Carrboro, NC

Quick Facts

100.6
Cost of Living
above US average
21,298
Population
19.95
Crime Rate per 1000
below US average
$76,933
Median Income
below US average
$475,000
Median House Price
above US average
$1505.14
Average Rent
above US average
12%
Poverty Rate
above US average
3.5%
Unemployment Rate
below US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $76,933.

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Income Needed to Buy

βœ— Stretch
$149k/year
Based on $475,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $149k vs median $76,933
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Income Needed to Rent

βœ“ Affordable
$65k/year
Based on $1505.14/month average rent
Annual income where rent = 28% of gross
πŸ“Š Median income ($76,933) exceeds requirement
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Carrboro, NC

Carrboro is a vibrant town located in Orange County, North Carolina, just southwest of Chapel Hill. Known for its rich arts scene and progressive community, Carrboro is home to a lively downtown area with unique locally-owned shops, restaurants, and galleries. The town hosts various annual events such as the Carrboro Music Festival and the Carrboro Farmers' Market, drawing residents and visitors alike. Carrboro is recognized for its strong commitment to sustainability and environmental initiatives, including extensive biking and walking paths. The town's proximity to the University of North Carolina at Chapel Hill fosters a youthful atmosphere and contributes to its diverse population. With a variety of parks and green spaces, Carrboro offers ample recreational opportunities for outdoor enthusiasts. The nearby Jordan Lake provides additional options for water sports and fishing. Overall, Carrboro combines a small-town feel with the cultural richness of a college town, making it an attractive destination for residents and tourists.

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